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Rs.200 mn mutual fund scam unearthed in Chennai
Calcutta News.Net
Friday 16th May, 2008 (IANS)
Police are on the lookout for three men who duped hundreds of investors of Rs.200 million through a fake mutual fund scheme here.
Police said Friday that they were looking for three promoters of the now defunct Swiss Mutual Fund, based in a southern suburb, who had floated the scheme on the internet.
The suspects - S. Shamsuddin, K. Venkatesh and R. Murugan - had promised the investors a complete recovery of the investment in 12 monthly instalments and a similar lifelong return.
Meanwhile, in another case, two employees of Quest Net have been arrested following over 8,000 complaints in the last 20 days of multi-level-marketing frauds worth over Rs.300 million.
The principal company in Malaysia, Gold Quest, had however denied any wrongdoing.
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